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The NCLAT, in its decision dated July 3, 2019,[1] has held that a foreign decree which was pending execution in India has not yet crystallized into "debt payable in law"
The NCLAT, in its decision dated July 3, 2019,1 has
held that a foreign decree which was pending execution in India has
not yet crystallized into "debt payable in law" and,
therefore, the foreign decree holder could not rely on such a
decree (which was passed ex-parte for default of appearance of the
corporate debtor) for initiating proceedings under the IBC.
Footnote
1 Peter Johnson John v. KEC Industries Limited, Company
Appeal (AT) (Insolvency) No. 188 of 2019 (NCLAT).
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